Pittsburgh, Pennsylvania, elder law attorney Michael H. Marks has worked in private practice for more than 35 years. Michael H. Marks works closely with individuals and families to help them protect their interests through strategic estate planning.
"Estate planning" means making plans and arrangements for the future in case anything bad happens, by saying two important things: first, who will be authorized to help when needed, and second, what they will be authorized to do to provide assistance – either to help during someone's lifetime, or wind up their affairs after they are gone.
A comprehensive, basic estate plan has three standard components.
Will: Perhaps the best-known component of estate planning, wills determine who receives certain items of an individual’s property after he or she dies. Wills also establish an executor, who acts as a legal representative and ensures that the terms of the will are fulfilled. Wills can be changed, and only become legally binding and final after someone has died
Business and Financial Power of Attorney: If an individual ever becomes incapacitated, the person to whom he or she grants power of attorney can make financial decisions on behalf of that individual. Establishing power of attorney helps individuals avoid court proceedings for appointment of a guardian or conservator, which can become expensive. Power of attorney also provides greater flexibility and convenience than a court supervised guardianship. Power of attorney is only valid and applicable during the individual's lifetime, and is not effective after the individual dies
Health Care Power Of Attorney and Living Will: if a person becomes unable to make or communicate their own healthcare choices, the healthcare agent is authorized to make medical decisions on their behalf. If a patient is unable to make or communicate their own decisions and is about to die, then a "Living Will" states the patient's wishes and gives the healthcare agent guidance on making decisions for providing – or withdrawing or withholding – end-of-life healthcare and life-sustaining treatment.
Trust: an additional component of an estate plan often requires the use of a trust – a legal arrangement in which one party (the trustee) holds assets on behalf of and for the benefit of another person (the beneficiary). Trusts are used for a wide variety of purposes and applications, most commonly to provide assistance, supervision or control over an inheritance for a beneficiary who needs help to receive and handle the inheritance. A revocable lifetime agreement of trust or so-called "Living Trusts" enables individuals to leave their property to beneficiaries without going through probate. Other trusts are used to protect assets from the potential cost of long-term care, or for tax savings purposes.
